Turns out investors and advisors can glean a lot from baseball player Yogi Berra quotes. Frank Kinniry at Vanguard highlights four such quotes for advisors. 1. "In theory, there is no difference between theory and practice. But in practice, there is:" Kinniry writes that advisors can help investors bridge the gap between the two, since "In theory, we're all rational investors who make logical decisions in an efficient market. In reality, we're rash, we chase performance, and we throw in the towel too quickly when things look dicey." 2. "Ninety percent of the game is half mental:" "Advisors help clients know themselves, establish clear goals, and put safeguards in asset allocations to account for biases," writes Kinniry. 3. "If you can't imitate him, don't copy him:" "It's not uncommon to see old strategies tweaked and repackaged as an improvement on an old idea, such as smart beta. Trouble arises, though, when clients buy into a "better" idea under a misunderstood premise. …Advisors can help clients evaluate such investments in the appropriate context, as actively managed strategies." 4. "The future ain't what it used to be:" "When it comes to evaluating an investment, it's more advantageous to assess a strategy based on its potential to generate excess returns rather than on its past returns," writes Berra.

Nearly 48% of 680 high net worth individuals (HNWI), surveyed by US Trust for the 2014 Insights on Wealth and Worth report, consider themselves to be wealthy. And those who inherited their wealth are more likely to think they're wealthy than those that created their own wealth.

The future net worth and income of start up founders and employees depends on the success of their business, and this poses a unique challenge for advisors, writes Robert Cheney, founder of Westridge Wealth Strategies in the WSJ. "After that vesting period, advisers need to focus on getting these clients' stock liquid and reinvested in a diversified portfolio as soon as possible," he writes. "Because these clients are so concentrated in technology, a diversified portfolio of stocks and bonds ensures that their assets will be ready to face any economic scenario.."

"Advisers should also look for ways to minimize the tax burden for early stage tech employees and founders. They have to pay income tax on their restricted stock, which in California, where many of these companies are based, can be above 50%," he writes.

A new study by Practical Perspectives and GDC Research found that there is significant demand from advisors for support when it comes to social security. "Social Security is an increasingly important part of the discussions advisers have with clients as they approach and transition to retirement, yet advisers vary considerably in the degree to which they provide assistance on this topic," Howard Schneider, president of Practical Perspectives and author of the report told Investment News.

The stock market isn't the best gauge of a healthy economy. RBC Capital's Jonathan Golub the growth for S&P 500 earnings was higher than U.S. GDP growth. He also pointed out that analysts and economists don't always have similar opinions in what they cover. This chart looks at the trajectory of GDP growth expectations and expectations for Q1 earnings growth.